All Topics / Finance / Companies and the CGT benifit

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  • Profile photo of Cabo WaboCabo Wabo
    Participant
    @cabo-wabo
    Join Date: 2005
    Post Count: 117
    April 7, 2006 - 3:30 am

    Guys,

    I can’t remember… if a company owns a property for over a year and then sells, does it qualify for the CGT benifit? Does it pay 15% tax or 30%?? [withstupid]

    Cabo Wabo

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 7, 2006 - 5:16 am

    nope

    that’s why it is not good to use a company to purchase property and other appreciating assets.

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 7, 2006 - 6:01 am

    Cabo

    On another note it is the date of Contract that is considered for the reduction in CGT (where held personally) which may not always be the date of ownership.

    If you buy in a Super Fund and hold the property for 1 year and 1 day between contract dates the CGT is reduced to 10%.

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.19%**
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    http://www.yourstatefinance.com
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    Ph: 07-3720 1888

    Richard Taylor | Australia's leading private lender

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